Investment Rating - The report assigns a "Buy" rating to the company with a target price of 11.04 CNY [5][11]. Core Insights - The company operates a dual business model in civil explosives and chemical products, forming a complete industrial chain from natural gas to ammonium nitrate and explosive products [2][11]. - The financial forecast indicates a projected EPS growth of 281.4%, 37.5%, and 20.8% for the years 2025 to 2027, with EPS expected to be 0.51, 0.69, and 0.84 CNY respectively [11][13]. - The company is strategically positioned to capitalize on the growing civil explosive industry in Xinjiang, with plans for capacity acquisitions and market expansion [11][13]. Financial Summary - Total revenue is projected to be 7,021 million CNY in 2023, decreasing to 5,644 million CNY in 2025, before recovering to 7,673 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 14.4% from 2025 to 2027 [4][12]. - Net profit attributable to the parent company is forecasted to decline from 854 million CNY in 2023 to 549 million CNY in 2025, then increase to 898 million CNY by 2027 [4][12]. - The company’s net asset return rate is expected to decrease from 19.0% in 2023 to 10.4% in 2025, before recovering to 14.0% in 2027 [4][12]. Business Segments - Chemical products revenue is expected to decline from 283,096 million CNY in 2023 to 215,292 million CNY in 2025, with a recovery to 290,437 million CNY by 2027 [14]. - Explosive services revenue is projected to decrease from 252,072 million CNY in 2023 to 204,519 million CNY in 2025, then increase to 274,873 million CNY by 2027 [14]. - Liquefied natural gas revenue is anticipated to grow from 30,638 million CNY in 2023 to 63,717 million CNY by 2027, indicating a strong demand for natural gas products [14].

公 司 研 究 民爆和能化双主业协同发展 雪峰科技(603227) 雪峰科技首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘威(分析师) | 0755-82764281 | liuwei7@gtht.com | S0880525040100 | | 李智(分析师) | 021-23185842 | lizhi3@gtht.com | S0880525040045 | 本报告导读： 民爆+能化双轮驱动，形成"天然气→合成氨→硝酸铵→民爆产品"产业链。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,021 | 6,101 | 5,644 | 6,708 | 7,673 | | (+/-)% | 1.7% | -13.1% | -7.5% | 18.9% | 14.4% | | 净利润(归母) | 854 | 668 ...